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Economic Indicators
MARCH 1950
Prepared for the Joint Committee on the Economic Report
by the Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1950
03-1950
JOINT ftWMItTM: OH THtl
!'*-lli\l
ltiAM.|;J
I'KANt.i;. J M Y l ' t i . V I V i m « > l » » i i "
JUIIK' _[. M ' A l i K M A N , Al^ham*
CADI. I I . IXKJGLAS, Illinois
ROIUiiKT A. TAI-T, Ohio
( ' U J U f . • ' ( > 1 * J"""uj(, < .
M A i - |, !,,,. )..«,, »'w (
WKir.HT I'A't'MAN. Tci»
WALTKK fl. HUHIiR, Ohio
FRANK BUCHANAN, Pennsylvania
JESSE P. WOLCOTT, Michigan
RALPH E. FLANDERS. Vermont
ROBERT F. RICH, Pcnos^ivania
ARTHUR V. WATKJNS, Utah
CHRISTIAN A. HERTER, Massachusetts
TBKODORB J. KBEPB, Staff Director
GEOVB& W. EvsLBt, Assadatt Staff Director
JOHN W. LEHMAN, Clirk
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. J. Res. 55}
To print the monthly publication entitled "Economic Indicatots"
Resolvedly the Smate and House of Rifresctttatives of the United States of America in Congress assembled, That the Joint Conmiincc on the Economic
eport be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be primed to furnish one
Dpy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate: the Clerk, Sergeant at Arms, and Doorkeeper of the
louse of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred topics to the Joint
ommittee on the Economic Report; and the required number of copies to the Superintendent of Documents for distribution to depository
braries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
"o fbf Members of Congress:
From the time the Joint Committee on the Economic Report was established its members realized that one of its
>asic needs was a concise and meaningful picture of current economic trends and developments.
Fortunately, the joint committee found that Economic Indicators, a set of basic charts and tables compiled monthly
>y the Council of Economic Advisers, admirably filled this need. While this material was prepared originally for the
ise of the President, the Council, and other officials in the executive offices, the Council made it available to the joint
ommittee.
Other Members of Congress also expressed an interest in. being able to obtain a qiiick picture of current economic
acts without having to go through voluminous and specialized documents. In addition businessmen, farm leaders,
abor organizations, and representatives of the press and radio indicated their desire for this information.
Accordingly, the joint committee provided the Congress and the public with a limited number of copies of
Economic Indicators as a committee print pending final action on authorizing the publication on a more permanent basis,
is is indicated above such legislation has now been passed and the committee will issue the report on a regular monthly
sasis.
Comments or suggestions with respect to possible improvements in this presentation will always be welcome.
w.s.s./
Chairman, Joint Committee on the Economic Report.
Letter o£ Transmittal
Hoo. JOSEPH C. O'MAHONEY, Chairman^
Joint Committee on the Economic Report,
United States Congress, Washington, D. C.
DEAR SENATOR: The Council of Economic Advisers is happy to cooperate with the
Joint Committee on the Economic Report in making Economic Indicators available to the
Congress as a whole and to the general public, in accordance with Public Law 120, Eightyfirst Congress.
In carrying out its mandate under the Employment Act of 1946, the Council has found
it desirable to bring together in concise and graphic form the most important facts showing
current trends in the Nation's economy. Thus the Executive Office is in a better position
to point up the key problems of national economic policy and to promote the improvement
and coordination of the Federal Government's widespread statistical services.
In this undertaking the Council has the full cooperation of the several agencies of the
Federal Government that collect statistical material. In many cases these agencies supply
advance estimates for use in Economic Indicators. While the charts are drawn through the
courtesy of the Graphics Unit in the Office of the Secretary of Commerce, the Council takes
complete responsibility for the graphic presentation.
This material has proven useful to the President, the Council, the executive departments, and the Congress. Furthermore, its usefulness to the general public has been impressed upon us, particularly by the representatives of business, labor, agriculture, and
consumer organizations with whom we regularly consult.
We believe that the Congress is performing a service of real value by making this
material available.
Sincerely yours,
/
Acting Chairman.
/
m
Contents
THE NATION'S ECONOMIC BUDGET
Page
The Nation's Economic Budget
1
PRICES
Consumers' Prices
Wholesale Prices
Prices Received and Paid by Farmers
Stock Prices
2
3
4
5
EMPLOYMENT
Labor Force.
Nonagricultural Employment—Selected Industries
Average Weekly Hours—Selected Industries
Work Stoppages
6
7
8
9
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Weekly Production—Selected Indicators
Production of Selected Manufactures
New Construction
.
New Housing Starts
Expenditures for New Plant and Equipment
New Corporate Security Issues
Inventories and Sales
Merchandise Exports and Imports
1
10
11
12
13
14
15
16
17
18
PURCHASING POWER
National Income
Corporate Profits
Personal Income
Consumer Income, Spending, and Saving
Per Capita Income
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
Farm Income
Personal Consumption Expenditures
Consumer Credit
19
20
21
22
23
24
25
26
27
28
MONEY, BANKING, AND FEDERAL FINANCE
Bank Loans and Investments
Money Supply
Federal Cash Receipts From and Payments to the Public
....,....,...,
29
30
31
THE NATION'S ECONOMIC BUDGET
THE NATION'S ECONOMIC BUDGET
The economic decline leveled off in 4th quarter 1943, the total output of goods and services being less
than $1 billion (annual rate) below 3rd quarter, according to preliminary estimates. Allowing for the effects
of industrial disputes, the year's end found the economy moving upward.
1949, 4th
TOTAL
(BILLIONS OF DOLLARS) 17
Quarter
EXCESS OF
EXPENDITURES (-), RECEIPTS (-f)
{Gross National Product)
-
CONSUMERS
0
CONSUMER
SAVING
l90 7
!jii;§j!|!i|:;|li!l:lli!
-
^EXPENDITURES!
BUSINESS
EXCESS OF
INVESTMENT
INTERNATIONAL
EXCESS OF
RECEIPTS
GOVERNMENT
(Federal, state and loco!)
57.4
CASH
DEFICIT
"Transfer payments
1949, 3rd Quarter
TOTAL
(BILLIONS OF DOLLARS)
(Gross National Product)
CONSUMERS
Transfer payments..
|=;i£jiJijijiiiiii;i;;ii;ijj
PPPPPPPj-
ie9 5
'
CONSUMER
SAVING
BUSINESS
EXCESS OF
INVESTMENT
EXCESS OF
RECEIPTS
GOVERNMENT
{ Federal, state and local)
57.2
CASH
DEFICIT
I 61.2
• Transfer payments-'
ANNUAL RATES,
SOURCE:
SEASONALLY ADJUSTED.
SEE ECONOMIC REPORT OF THE PRESIDENT, JANUARY I960, APPENDIX
A.
PRICES
CONSUMERS' PRICES
Consumers' prices, declining again in January, were 2.3 percent below a year ago and 4.4 percent below their
postwar peak. Most components recorded declines in January, with the largest in food. Rent continued upward.
PERCENT
PERCENT OF 1935-39 AVERAGE
OF 1935-39 AVERAGE
220
/
200
i i i i i
1939 40
41
42
43
44
45
46
47
48
49
J
F
M
A
M
J
J
A
S
O
N
O
J
F
M
A
M
1948
J
J
A
S
O
N
O
I .
J
1949
F
M
A
M
J
J
A S O N f )
1950
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF EGOWOM
[1935-39=100]
Period
1940 monthly average
1941 monthly average
1942 monthly average
1943 monthly average
1944 monthly average
1945 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
1948: December 15
1949: January 15
Februarv 15
March 15
April 15.,
_
May 15_
June 15
July 15
August 15
September 15
October 15
November 15
December 15
1950: January 15.
All items
-
.
- - __
_
100. 2
105. 2
116. 5
123. 6
125 5
128. 4
139. 3
159. 2
171. 2
169 1
171 4
170 9
169 0
169 5
169. 7
169. 2
169. 6
168. 5
168. 8
169. 6
168 5
168. 6
167. 5
166. 9
Food
96 6
105. 5
123. 9
138. 0
136 1
139. 1
159. 6
193. 8
210. 2
201 9
205 0
204 8
199 7
201 6
202. 8
202 4
204 3
201. 7
202. 6
204. 2
200 6
200 8
197 3
196. 0
NOTE.—Prices are for moderate-income families in large cities.
Source: Department of Labor.
Apparel
101 7
106 3
124 2
129. 7
138 8
145 9
160 2
185 8
198. 0
190 1
200 4
196 5
195 1
193 9
192! 5
191 3
190 3
188 5
187. 4
187 2
186 8
186 3
185 8
1 85. 0
Rent
104 6
106. 2
108. 5
108. 0
108 2
108 3
108. 6
111. 2
117. 4
120 8
119 5
119 7
119 9
120 1
120. 3
120 4
120 6
120 7
120. 8
121. 2
121 5
122 0
122 2
122. 6
Fuel, electricity, and
refrigeration
House furnishings
99 7
102. 2
105. 4
107. 7
109 8
110 3
112. 4
121. 1
133. 9
137 5
137. 8
138 2
138 8
138 9
137.4
135. 4
135. 6
135. 6
135. 8
137. 0
138 4
139 1
139. 7
140. 0
100. 5
107. 3
122. 2
125. 6
136. 4
145. 8
159. 2
184. 4
195. 8
189 0
198. 6
196 5
195. 6
193 8
191. 9
189. 5
187. 3
186. 8
184. 8
185. 6
185. 2
185 4
185. 4
184. 7
Miscellaneous
101 1
104. 0
110. 9
115. 8
121 3
124. 1
128. 8
139. 9
149. 9
154. 6
154. 0
154 1
154. 1
154. 4
154. 6
154. 5
154. 2
154. 3
154. 8
155. 2
155. 2
154. 9
155. 5
155. 1
WHOLESALE PRICES
Wholesale prices were higher in February primarily because of higher farm and food prices.
PERCENT OF 1926 A V E R A G E
200
PERCENT OF 1926 AVERAGE
220
180
160
140
100
100
OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIAL]
0 I i l l ! ( I It I I 1 I I 1 If I j I ( I [ I I I I I I I I I ( I I I..I. I l.i i l l I J I I I I [ 1 1 I I i M i M I I I I I I I I I I I I I . I I I I I I I ) I l l | I I I I i I I I I ! I I I i l I I I I I t I I I 0
W42
1943
1944
1945
1946
1947
1948
1949
1950
LATEST DATA PLOTTED:
SOURCE:
MONTHLY- FEBRUARY
W E E K L Y - FEBRUARY 28
DEPARTMENT OF L A B O R .
COUNCIL OF ECONOMIC ADVISERS
[1926=100]
All commodities
Period
1942 monthly average
1946 monthly average
June
•
-1947 monthly average
1948 monthly average
1949 monthly average
1949" January _
.
February
March
April
May
June
July
August
September
'October
November
December
1950: January 1
Februarv
Week ended:
1950: January 31
February 7
14
21
28
.
-..
_ _ _
__
„_ __
_ _
- -
_ _ „
_ _
_._
__
_ _ _ __
_
__
_ .
1
Estimate based on change in weekly data,
Source: Department of Labor,
Farm products
Foods
Other than
farm products and foods
98. 8
121 1
112. 9
152. 1
165. 1
155.0
160. 6
158. 1
158. 4
156. 9
155. 7
154. 5
153.5
152. 9
153. 6
152. 2
151 6
151.3
151. 6
152. 8
105. &
148. 9
140. 1
181. 2
188. 3
165. 6
172. 5
168. 3
171. 5
170. 5
171. 2
168.8
166.2
162. 3
163. 1
159. 6
156. 8
155.3
155. 3
159. 6
99. 6
130. 7
112. 9
168.7
179. 1
161.6
165. 8
161. 5
162. 9
162. 9
163. 8
162.4
161. 3
160. 6
162.0
159. 6
158.9
155. 7
154.7
157.0
95.5
109. 5
105. 6
135.2
151.0
147.3
152.9
151.8
150.7
148.9
146.8
145.6
145.0
145.0
145.3
145.0
144.9
145.4
145. 8
145.8
151. 2
151 6
152. 2
152. 5
152. 6
155. 5
157. 2
159. 1
158. 9
159. 4
154. 6
156.0
156. 8
158. 3
157.8
145.2
145. 1
145.3
145.3
145.4
PRICES RECEIVED AND PAID BY FARMERS
!'
Prices received by farmers increased about 1 percent from January 15 to February 15, chiefly as a result
of a 7 percent increase in meat-animal prices. Prices paid were virtually unchanged, so the parity index
ncreased.
PERCENT OF 1910-14 AV ERAGE
350
PERCE NT OF I9IO-M AVERASE
350
MONTHLY
1
AVERASE
PRICES
.
t
250
]
300
^•w*^^^j"^"^"^™»
^^^^\
250
^
PRICES PAID
(INOL. INTEREST, TAXES
AND WAGE RATES)
***»•
//
ZOO
200
f^
150
IOO
RECEIVED
%
300
ISO
^*- • a
-7^^-^
IOO
A
^^^"^^i^
-•-•
PARITY RATIO*
^>
so
50
1
0
1939
40
1
1
41
1
42
43
1
1
1
44
45
46
1
1
4?
1 1 1 1 1
1
48
M i l l
1 1
J F M i M J J A S O N O
49
1 1
1 1
1 1 1 1 1
1
1
1
1
1948
1949
COUNCIL
[1910-14=100]
Prices paid by
farmers (includPrices
received
ing interest, Parity ratio '
taxes, and
by farmers
wage rates)
Period
1939 monthly average.,
1942 monthly average-,
1 944 monthly average,
1945 monthly average1946 monthly average
.
.
.
._
_
_
.
-
1948 monthly average,
1949 monthly average
„
. »
. _.
.
February 15 --
255
258
256
253
249
246
244
March 15
April 15
Mav 15
..
Julv 15
August 15
September 15
_
1950: January 15
February 15--.
1
2
---
__ ,
October 1 5 - - - HpnpmhRr 1 .'i
.
.- -
-
.
_ _•__
- - .
95
158
196
206
234
275
285
249
265
1949: January 15-
June 1 5 ~ _ _
2
2
2
247
__
242
237
233
235
237
123
152
182
189
207
240
259
250
256
252
2S5
254
253
252
250
249
248
246
245
246
249
248
77
104
108
109
113
115
110
100
104
101
101
101
100
99
98
98
100
98
97
95
94
96
Ratio of index of prices received to index of prices paid, interest, taxes, and wage rates..
Includes wartime subsidy payments paid on beef cattle, sheep, lambs, milk, and butterfat
between October 1943 and June 1946.
Source: Department of Agriculture.
1
1
1
1
1
1
o
1950
SOURCE: DEPARTMENT OF AGRICULTURE
November 15
1
J F M i M J J A S O N D J F M l M J J A S O N D
ECONOMIC AOV1SEHs
STOCK PRICES
Stock prices in February continued the rise started last summer. Industrials and utilities were both above their
1948 peak levels.
PERCENT OF 1935 -39 AVERAGE
PERCENT OR 1935-39 AVERAGE
1 75
1 75
WEEKLY AVERAGE
WEEKLY AVERAGE
INDUSTRIALS
V,
/A
/ /.
125
V^^"^^
V *•"—"x"'°*"NNs>^
/ j
/ A\ A
II I M / \
ji j /
/f /
^
N^
I:
\
"*****••
\\^
/ x-v fvfV\y/\l /^
^
s
V
//
1
•
*' •
A
.
M
'•-.
\ j.
U
^v
^x^^
^"^
UTILITIES
t\/V
COMPOSITE- INDEX
t
VA-:
/
V^A
^/v
^^.•^X RAILROADS 1
t
/
v\ , 1
X'
/y "Vv/
v
,-'
•
A ^
fy**
^~^^* ••-'
*~^
1 00
w-"'
\
/
ji
•
v^f*
"^NJ/
\/y
50
0
i
i
1939 40
i
4.1
i
42
i
43
i
44
i
45
i
46
i
47
i
48
I I
49
I I I
I I I
I I
I I I
I I I
1948
SOURCE:
STANDARD AND
I I I I I 1
I I
I I
I
I
I
I
I
1949
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100]
Combined
index *
Period
8
March
15 _ 22 __
1
- ...
_
_ _ - _ _ _ - --
.
-
__
Industrials
Railroads
Utilities
94. 2
69. 4
139. 9
124. 4
121. 3
121. 0
117.2
118. 0
118. 5
117. 7
112. 0
117. 8
121. 8
123.8
127. 3
129. 1
132. 6
135. 1
136. 6
94. 8
71. 3
143.4
130. 6
127. 5
127.3
122. 7
123. 7
124. 2
123.5
117. 0
123.8
128.0
130. 3
134. 4
136. 5
140. 3
142. 6
144. 4
74.7
66. 1
143.0
114.7
96.4
105.9
99.6
97. 4
97. 1
95.8
88.4
90. 6
94.2
95. 1
97.6
96.2
101. 0
107. 8
107.2
98. 6
61.3
120.2
96.2
97. 5
94. 2
94.4
95. 3
96. 1
95.3
93. 0
95.4
98. 5
100.0
101. 2
102. 6
104. 1
105. 8
107. 4
136. 1
137.2
136. 3
137. 0
137. 4
143. 7
145. 0
144.0
144. 7
145. 0
106. 8
106. 9
107.0
108.0
108. 6
107. 2
107. 6
107. 2
107. 6
108. 2
1
Combined index prior to June 23, 1948. was based on 402 common stocks, and included 354 industrials,
20 railroads, and 28 utilities; thereafter, 416 common stocks are represented, with 365 industrials, 20 railroads,
and 31 utilities.
Source: Standard & Poor's Corporation.
63230—50-
1
1950
POOR'S CORPORATION
Weekly average:
1939 _
1942
1946
1948
1949
1949: January _,
February
March
April
May.
June
__
July
August
September __
Octobpr
November
December _
1950: January
February
Week ended:
1950- February 1
I
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D
o
EMPLOYMENT
LABOR FORCE
Employment changed very little from January to February, either in agriculture or nonagricultural industries. Unemployment increased from 4.5 to 4.7 million, reflecting a rise of 200,000 in the labor force.
MILLIONS OF PERSONS
MILLIONS OF PERSONS
70
TO
TOTAL
LABOR FORCE
UNEMPLOYMENT
iplfiSqHBBiR NONAGRICULTURAL EMPLOYMENT
20
O I
PERCENT
2O
UNEMPLOYMENT - PERCENT OF
IS
_
™ nn
1944
I94T
1948
MONTHLY AVERAGE
SOURCE: DEPARTMENT OF COMMERCE
Period
Total labor
force, including
armed
forces
Civilian employment *
Total
In nonagricultural
industries
In agriculture
Armed
forces
Unemployment
Unemployment as
percent of
labor force
Thousands of persons 14 years of age and over
1939
1944
1947
1948
1949
monthly
monthly
monthly
monthly
monthly
average
average
average
average
average
1949" January
February
March
April
May
June
July
August
September
October
November
December
1950: January
February
55, 600
65, 890
61, 608
62, 748
63, 571
45, 750
53, 960
58, 027
59, 378
58, 710
36, 140
45, 010
49, 761
51,405
50, 684
9,610
8,950
8,266
7, 973
8,026
370
11, 260
1,440
1,307
1,466
9,480
670
2, 142
2,064
3,395
17. 1
1. 0
3. 5
3. 3
5.3
61, 546
61, 896
62, 305
62, 327
63, 452
64, 866
65, 278
65, 105
64, 222
64, 021
64, 363
63, 475
62, 835
63, 003
57, 414
57, 168
57, 647
57, 819
58, 694
59, 619
59, 720
59, 947
59,411
59, 001
59, 518
58, 556
56, 947
56, 953
50, 651
50, 174
50, 254
49, 999
49, 720
49, 924
50, 073
51,441
51, 254
51, 290
51, 640
51, 783
50, 749
•50,730
6, 763
6, 993
7,393
7,820
8, 974
9,696
9,647
8,507
8, 158
7, 710
7,878
6,773
6, 198
6, 223
1,468
1, 508
1,491
1,492
1,469
1,468
1,463
1,468
1,459
1,445
1,436
1, 430
1,408
1,366
2,664
3,221
3, 167
3,016
3,289
3,778
4,095
3,689
3,351
3, 576
3,409
3,489
4,480
4, 684
4.3
5. 2
5. 1
4. 8
5. 2
5.8
6. 3
5.7
5. 2
5. 6
5. 3
5.5
7. 1
7.4
1
Includes part-time workers and those who had jobs but were not at work for such reasons as vacation, illness, bad weatheri
temporary lay-off, and industrial disputes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
NONAGRICULTURAL EN [PLC)YMENT
- SELECTED INDUSTRIES
Employment declines were large in trade and Govern ment in January, due to a return to more normal
levels following expanded pre-holiday activity in reta il trade and post offices. There were declines
also among most industries manufacturing nondura ble goo(Js, while durable goods industries showed
firmness.
MILL IONS OF WAGE
MILLI ONS OF WAGE '
AND «SALARY WORKERS
8.0
AND SALARY WORKERS
9.0
DURABLE
MANUFACTURING
NONDURABLE
MANUFACTURING
1947^
8.5
7.5
°^r~<^^^^~^
1949
^^X^
6.5
7.5
IkMtl
\
^*^^
S**^** — ^^^^^
/I947
E^^^x^^O
us, „.,
^/
6.0
7.0
0
1948
\
7.0
8.0
~~~
1
J
I
F
I
M
I
A
1
M
1
J
J
1
1
A
S
1
0
I
N
"~~
o ]^
D
1
J
I
F •
1
M
1
A
1
M
1
J
1
J
1
A
1
S
1
0
1 ^
D
N.
10.5
3.0
TRADE
CONTRACT CONSTRUCTION
10.0
2.5
^O
//
._n_^.
1948x^^0-2.0
1949
'949
^*^^^~
^ ^^f^"^ ^ *^ """
/IEEEI
**^**^ .
1947
9.0
^ * r ^ /
^^l.X^
^ <*—«f^/*^'*r
^^
1.5
1948
\
9.5
IH35]
—''
~~r~~"
1947
1.0
0
8.5
~~
J
1
1
F
1
M
1
A
1
M
1
J
J
1
A
1
S
1
0
1
N
^
D
o l~~~
J
I
1
F
1
M
1
A
1
M
1
J
,
SOURCE: DEPARTMENT OF LABOR
I
J
I
A
1
S
1
0
1
N
0
COUNCIL OF ECONOMIC A D V I S E R S
[Thousands of wage and salary workers l]
Manufacturing
Period
Total
Durable
goods
Contract
Nondur- construction
able goods
Trade
Finance
and
service
Government Transportation and
(Federal,
public
State, local)
utilities
Mining
2,912
845
3,987
4,610
1, 150
6,705
10, 078
1939 monthly average _
.
(2)
(2)
917
3,619
6,049
7,322
5, 187
1,567
17, 381
1943 monthly average
(22)
(22)
852
4,023
5,607
5,994
8,815
14, 461
1,661
1946 monthly average
()
()
4, 122
943
5,454
6,874
1,982
6,427
9, 196
8,373
15, 247
1947 monthly average
981
4, 151
5,613
6,515
6,970
2, 165
8,315
9,491
15, 286
1948 monthly average 3
931
3, 979
5,811
6,544
9,436
6, 682
2, 156
7,466
14, 148
1949 monthly average
_ __ _ _ __
1,002
4,158
5,994
10, 273
6,916
2, 200
6,481
15, 174
8,258
1948: December
_ _ __
991
4,054
5, 764
6,454
9,388
8,044
6,738
2, 016
14, 782
1949: January
986
4,024
5,737
9,292
6,447
6,726
1,926
7,923
14, 649
February
981
3,975
5,761
6,469
9,310
6,656
1,947
7,819
14, 475
March
984
3,991
5,775
6,521
6,525
2,036
9,478
7,656
14, 177
April
4,021
974
5,813
9,342
6,567
7,441
6,436
2, 137
13, 877
May
_ __
__
968
4,031
5, 803
6, 608
6,492
7,392
9, 336
2,205
13, 884
June
4,007
943
5,738
2,277
9, 220
6,631
6, 502
7,255
13, 757
July __ .. _
_
956
3,992
5,763
6, 616
9,213
7,302
6, 812
2, 340
14, 114
August
_-_
948
3, 959
5, 893
6, 604
9,409
6,903
7,409
2,341
14, 312
September
593
3, 871
5,866
9,
505
6,
561
6,906
2,313
13,
892
6,986
October
913
3,891
6,536
5,783
6,757
9,605
2,244
7,043
13, 800
November 3 . _
936
3, 935
6,041
6,508
14,054
7,319
6, 735
10, 130
2,091
December 3
810
3, 878
5, 777
6,476
1, 992
9, 295
6, 630
13, 993
7, 363
1950: January 3
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked or received pay during the pay period ending
nearest the 15th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 6) which include
proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and
which
are based on an enumeration of population, whereas the estimates in this table are based on reports from employing establishments.
2
Not available.
3
Preliminary estimate.
Source: Department of Labor.
7
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The January workweek in durable manufacturing showed no change from the 1949 peak reached in December
It was slightly shorter in nondurable manufacturing.
HOUF=?S PER WEEK
HOURS PER WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
42
42
40
—W7]^X/VA/VX
Vv/v
38
38
36
36
34
34
0
1 I 1 I 1 I 1 1 1 1 1
i 1 1 ! 1 1 | || I t
1947
1948
I 1 1J 1 1 1 1 1 i 1
.
X
40
1 1 1 1 1
1949
1 1 1 1 1
*
S~V_^
r\r
w
S^~ *
V
Mill
0
I960
M i l l
1 1 1 1 1 1 1 1 1 1 1
1947
1 M
1948
1 1 1 1 1 1 1 1
1 1 1 1 1
1949
1 1 1 1 I
1950
RETAIL TRADE
BUILDING CONSTRUCTION
42
40
40
40
•\ _ / \ H^s^t
x/
38
38
*
36
v^/|\s~\
36
34
34
0
,-^
~MI|
1 , , , , ,
1947
,.,..!...., ,,,,,!,,,,,
1948
1949
iiiii1
0
I960
1 l 1 1 l 1 1 1 1 M
1 1 1 1 1
1947
I.I 1 1 l 1 l 1 I 1 1
1948
1 1 1 1 1
1949
COUNCIl
SOURCE: DEPARTMENT OF LABOR
[Hours per week, selected industries !]
Manufacturing
Period
1939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average.
1948 monthlv average 3
1949 monthly average
1948: December
_
1949: January
February
March
April
Mav
Total
. ..
June
Julv _ _
August- _
September
October 3
_ _
November 3
December
1950: January 3 .
1
For production and related workers.
2
Not available.
3
Preliminary estimate.
Source: Department of Labor.
37. 7
44. 9
40. 4
40. 4
40. 1
39. 2
40. 1
39.5
39.4
39. 1
38. 4
38. 6
38.8
38.8
39. 1
39. 6
39. 7
39. 3
40.0
39.8
Durable
goods
(22)
()
(2)
40.6
40. 5
39. 5
40. 7
40. 1
39.9
39. 5
39.0
39.0
39.2
38.8
39.3
39.6
39. 9
39.3
40.3
40. 3
Nondurable construction Retail trade
goods
(22)
(2)
()
40. 1
39. 6
38. 8
39.3
38. 7"
38.8
38.6
37. 6
38. 1
38. 5
38.7
38. 9
39.6
39.6
39.3
39.5
39. 3
1 I 1 1 1 i
1950
(2)
(22)
()
(2)
(2)
(2)
(2)
(2)
2
()
40. 3
40. 3
40.4
40.4
40.2
40. 2
40. 1
40. 2
40. 3
40. 5
40. 9
40. 9
40. 5
40. 4
40. 1
40.7
37. 3
36. 6
37.8
37.0
36. 5
36. 1
36.4
37.2
37. 1
37. 1
37.2
36. 5
36.9
36. 1
35.7
WORK STOPPAGES
Although man-days of idleness because of work stoppages increased in January they were still at a low
level. The short workweek for coal miners was not taken into account in these data.
MILLIONS OF MAN-DAYS IDLE
MILLIONS OF MAN-DAYS IDLE
MONTHLY AVERAGE
F M A M J
1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949
1948
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
Man-days idle during
period
Period
1939
1941
1942
1943
1944
1945
1946
1947
1948 1
1949
1948: December ..
1949: January l.1
.
February
March *
April >
May *
June *.
July L. .
August *__ l . .
September
October * J
November J
December
1950: January 1
J A S O N D
I960
1949
Workers involved in
stoppages
Beginning
Monthly
Percent of
in
average
estimated
period
(thousands) working time (thousands)
1,484
1,921
349
1,125
727
3,167
9,667
2,883
2, 842
4,417
713
725
675
3,500
1,900
3,450
4, 500
2,400
2,100
6, 550
19, 000
7,500
1,200
2,600
0.28
.32
.05
. 15
.09
.47
1.43
.41
.37
. 60
.09
. 10
.10
.46
.27
.49
.61
.36
.27
.91
2. 70
1.00
. 15
. 38
1, 171
2,363
840
1,981
2, 116
3,470
4,600
2, 170
1,960
3, 100
41
77
77
500
160
235
575
110
140
475
600
70
40
280
In effect
during
month
(thousands)
93
100
105
530
210
310
675
250
240
565
1,000
875
400
300
Number of stoppages
Beginning
in
period
2,613
4,288
2,968
3,752
4,956
4,750
4,985
3,693
3,419
3,600
144
275
240
290
365
455
385
350
380
290
250
200
120
225
In effect
during
month
283
385
370
440
535
680
635
600
625
525
425
360
225
340
1
Preliminary estimate.
Source: Department of Labor,
9
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
Industrial production increased further in January to the highest level since March 1949. There
was a larger output of both durable and nondurable goods. Preliminary data for February indicate
that work stoppages in coal and automobile industries caused a drop of about 3 percent in
industrial production.
PERCENT OF 1935-39 AVERAGE
PERCENT OF 1 9 3 5 - 3 9 AVERAGE
400
400
300
1939 40
41
42
43
44
45
46
47
48
49
1949
1948
i960
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[1935-39=100, seasonally adjusted]
Total
industrial
production
Period
Manufactures
Minerals
Total
Durable
goods
Nondurable goods
1943 monthly average
1946 monthly average. _
1947 monthly average
1948 monthly average.
1949 monthly average _
239
170
187
192
176
258
177
194
198
183
360
192
220
225
202
176
165
172
177
168
132
134
149
155
135
1949: January
February
March
April
Mav
_
_ _ '__
June_
July___
___
August _
__ _
_ _
September _
_ _
October. __ _
_ _ _
November
December..
191
189
184
179
174
169
161
170
174
166
173
180
198
196
193
184
179
176
168
177
184
176
179
188
227
225
223
212
201
194
185
193
199
175
183
204
175
173
168
162
161
161
154
165
173
177
177
175
149
149
136
148
145
133
123
129
119
112
141
132
1950: Januarv 1 ..
February *
183
178
193
188
210
201
179
179
131
119
1
__ _
Preliminary estimate.
Source: Board of Governors of the Federal Reserve System.
WEEKLY PRODUCTION - SELECTED INDICATORS
Steel ingot production dropped moderately in February and still further during the week ended
March 4 as a result of coal stoppages. Electric power continued at peak rates. Automobile
production was slowed down by labor disputes.
MILLIONS OF TONS
3
BILLIONS OF KILOWATT HOURS
7.0
J
F
M
A
M
J
J
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, EDISON ELECTRIC INSTITUTE, DEPARTMENT OF THE INTERIOR, WARD'S AUTOMOTIVE REPORTS.
Steel
Period
Weekly average:
1947___ ._
1948
1949-
Thousands of
net tons
_
Week ended:
1949: February 5
12
19
26
March 5
12
1950: February 4 __.
11 ___
18
25
March. 4
11
„__
_ __ _ .
'
Percent of1
capacity
Electric power, Bituminous
coal
by utilities
(thousands of
(millions of
kilowatt-hours) short tons) 2
ASO
COUNCIL OF I
Cars and
trucks
(number)
m
1,628
1,695
1,493
93.0
94. 1
81.0-
4, 821
5, 300
5,500
2,058
1,948
1,418
90, 860
100, 670
120, 800
1,860
1, 845
1,844
1,849
1,853
1,869
100.9
100. 1
100.0
100. 3
100. 5
101.4
5,778
5,722
5,650
5, 559
5, 552
5,531
1,975
1,988
1, 885
1,887
1,769
1,780
98, 972
104, 990
109, 475
114,069
113,317
109, 101
1,775
1, 745
1,729
1,693
1,405
1,401
93. 1
91. 5
90. 7
88.8
73. 7
73. 5
6,062
5,971
5,931
5, 854
5,879
1,090
432
404
437
120, 061
118, 252
116, 134
117, 487
119,955
1 Based on weekly net ton capacity of 1,749,928 for 1947, 1,802,476 for 1948, 1,843,516 for 1949,and 1, 906,268 for 1950.
Daily average for week.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, and Ward's Automotive Reports.
2
11
PRODUCTION OF SELECTED MANUFACTURES
Most durable manufactures increased further in January with the exception of lumber, which declined
from its exceptionally high December level. Nondurables continued at or above their previous
high levels.
250
E5O
/v
K
w
IRON
/-•/
200
ISO
A
N
A
1 1
1
1
JD STEE,
2OO
-A PS
V
J Jf
\
PRODUCTS
1/
,
''
\^
\
/ V
150
»NO PRODUCTS
''
IOO
:R
J
AND PRODUCTS'
Wf
i—
.
_j
0 ^T i i i i 1
350
300
0 "*^ i i 1 l i 1 l 1 i^l rTT l i \ \ n i 1 1
350
25O
I''
A
200
j
(948
ISO
/
OF GOVERNORS
OF
THE
1949
FEDERAL
IOO
^r
F
0
——^x/^y.
•r~v
^ MANUFACTURED FOOD
PRODUCTS
_-
J L
_j
JL
t i i l 1 l l i i i I rTi M i 1 M 1 1 1 1 r t i M I i i 1 1 i 1 1 1 1 1 i i i n fTl
4O
1950
RESERVE
— -,
^y'
I
1
L
.
_j
nTi , 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n r*r
0 ~~t 1 ! 1 ! 1 ! I 1 f 1
40 42 44 46 48
80ARD
\
L
IOO
SOURCE:
\
200
A /~'
s \ i
METALS AND PROD UCTS
AL PRODUCTS
1 f
\f
\
\^
NONFERROUS
M t t i I i n Pfl
\
250
—\
\
/ )A
ISO
1
(
\
uinIi \\ i t
K
300
n NERY^
YVr
•
J
IOO
|"3.J9
1
,r
/
/~\
A--LUM8
>•
42 44
46 48
1948
19-49
1950
SYSTEM
[1935-39=100, seasonally adjusted]
Nondurable manufactures
Durable manufactures
i'eriod
946 monthly average
947 monthly average
9 4 8 monthly average _ „ _ _
949 monthly average '
_ - _
948' -December
-
949" January
,
M arch
__
_._
_ _ .
- ~ - -.
]M a v
.June
--
August
September
October
Novpmbcr
\50' January
-
- -
--
-
_
....._
J
1
*
Manufactured food
products
Machinery
Nonferrous
metals and
products
Textiles and
prodxicts
208
150
195
208
188
129
131
143
145
131
443
240
276
277
234
267
157
187
193
159
153
162
163
169
147
185
173
193
218
209
145
150
157
159
163
384
236
251
254
240
223
143
277
184
156
231
158
257
228
232
233
219
204
177
156
178
179
102
145
201
129
123
129
126
126
123
115
126
132
133
147
159
268
262
252
240
232
225
217
216
224
226
217
227
183
185
183
167
145
133
127
141
157
164
163
165
160
157
142
129
123
126
120
140
155
169
175
173
228
221
213
209
207
202
198
203
208
198
205
217
160
162
162
162
163
165
161
166
167
165
159
159
257
250
245
237
234
233
228
229
236
240
243
246
204
147
228
177
176
218
158
252
Preliminary estimate.
Source: Board of Governors of-the Federal Reserve System.
Petroleum
and coal
products
Lumber and
product*
Iron and
steel
Chemical
products
NEW CONSTRUCTION
New construction held up well in February, at a level about 20 percent above that of a year ago.
Preliminary data indicate that March activity will be high.
M I L L I O N S OF DOLLARS
2,000
M I L L I O N S OF DOLLARS
m
\
\I I I
1939
J942
1944 1946
%i
i%
i
&
1947
\i
2,000
\
1,500
1,000
1948
*INCLUDES PUBLIC RESIDENTIAL CONSTRUCTION
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
[Millions of dollars]
Private construction
Period
1939 monthly average
1942 monthly average
1944 Tnoiithly avenge
^ * _,_,_,,
1946 monthly average
.
1947 monthly average
1948 monthly average
1949 monthly average
1949: January
February
March
.-.»
April
May
«
.
___.
June «. .
July
.
..
August
..
September
October »
November
December..
1950: January 2
_ __
February
___
Total new
construction
526
1, 118
345
871
1, 194
1, 565
1,611
1,293
1, 172
1,267
1,370
1,576
1,735
1,833
1,903
1,922
1,879
1,767
1,612
1,496
1,414
Total
private
317
251
152
688
932
1, 214
1, 172
1,002
905
951
989
1, 108
1,229
1,301
1,343
1,368
1,343
1,295
1, 225
1, 139
1,078
Residential
(nonfarm)
176
110
45
265
438
602
585
475
400
420
445
530
600
650
675
710
715
715
690
650
600
Other
141
141
107
422
493
612
586
527
505
531
544
578
629
651
668
658
628
580
535
489
478
Federal,
State, and
local »
208
867
193
184
262
351
439
291
267
316
381
468
506
532
560
554
536
472
387
357
336
1
Includes public residential construction.
* Preliminary estimate.
Sources: Department of Commerce and Department of Labor.
63230—50
13
NEW HOUSING STARTS
Housing starts in January were the highest ever recorded for the month.
February show no break from this high level.
Early figures for
THOUSANDS OF UNITS
THOUSANDS OF UNITS
125
125
100
SOURCE: DEPARTMENT OF LABOR.
New nonfarrn units started
JYLOntlL
1948
1949
48, 800
56, 000
67, 100
72, 900
77, 200
81, 100
86, 300
93, 800
94, 000
79, 700
58, 800
53, 500
50, 100
76, 400
99, 500
100 300
97, 800
95, 000
86, 600
82, 200
73, 400
63, 600
52, 900
50, 000
50, 400
69, 400
88, 300
95, 400
95, 500
96, 100
99, 000
102, 900
104,
300
1
93, 000
1
79,- 000
849, 000
931, 300
70, 750
77, 600
1947
3!l, 300
March
July
August
September
October
Total
-
_
„ __
--
1
Preliminary estimate.
Source: Department of Labor.
_ -
» 1, 023, 300
1
85, 275
1950
1
80, 000
EXPENDITURES FOR NEW PLANT
AND EQUIPMENT
Plant and equipment expenditures by nonagricultural business firms in 2nd half of 1949 were estimated
at 14 percent less than those of 2nd half of 1948. Anticipated expenditures for 1st quarter of I960
are likewise reported as 14 percent below those of 1st quarter 1949. Electric and gas utilities are
the only major business group anticipating higher expenditures this quarter than a year ago.
BILLIONS OF DOLLARS
TRANSPORTATION AND
ELECTRIC AND GAS
SSSUTILITIES
NOT ADJUSTED FOR SEASONAL VARIATION.
SOURCES: SECURITIES AND EXCHANGE C O M M I S S I O N AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars, annual rates, not adjusted for seasonal]
Total i
Period
Manufacturing
Mining
Transportation
Railroad
1939 . _ - .
.
1941
1945
1947
1948 3 ._
_
1949
1948: First quarter
Second quarter
_
Third quarter __
Fourth quarter. _
1949: First quarter
Second quarter
Third quarter 3
_
Fourth quarter _
_
3
1950: First quarter
_
__
_
..
_ _
_ __ _
5,200
8, 190
6,630
16, 180
19, 230
17, 910
16, 680
19, 280
19, 320
21, 640
17, 840
18, 640
17, 440
17, 720
15, 280
1,930
3,400
3,210
7,460
8, 340
7, 130
7,200
8,560
8,360
9,280
7,400
7, 520
6,760
6,840
6,080
380
680
440
690
800
730
720
800
800
880
760
760
720
680
640
280
560
550
910
1,320
1,340
1,080
1,240
1,320
1,640
1,440
1,520
1,240
1, 160
880
Other
280
340
320
800
700
510
720
760
680
680
520
560
520
440
320
Electric and Commercial
miscelgas utilities and
laneous s
480
710
630
1,900
2,680
3, 160
2,000
2,560
2,760
3,400
2,720
3, 120
3, 160
3,600
2,960
1,850
2, 490
1,480
4,430
5,390
5,040
4,960
5,360
5,440
5,760
5,040
5, 160
5,040
5,000
4.440
1
2
3
Excludes agriculture.
Commercial and miscellaneous composed of trade, service, finance, and communication.
Figures for fourth quarter of 1949 and first quarter of 1950 are based on anticipated capital expenditures.
NOTE.—These figures do not agree with the totals included in the gross national product estimates of the Department of Commerce, principally because the latter cover agricultuial investment and also certain equipment and construction outlays charged to
current expense." Figures for 1939-44 are Federal Reserve Board estimates based on Securities and Exchange Commission and
other data.
Detail will not necessarily add to totals because annual rates are based on quarterly figures rounded to the nearest 10,000,000.
Sources: Securities and Exchange Commission and Department of Commerce (except as noted).
15
NEW CORPORATE SECURITY ISSUES
New corporate issues showed a seasonal rise in the 4th quarter of the year but were far below the total
for the 4th quarter of 1948.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3.0
3.0
2.5
2 0
1939
1943
1946
1947
1948
SOURCE: SECURITIES AND EXCHANGE COMMISSION.
[Millions of dollars]
Proposed uses of net proceeds
Estimated
net proceeds
Period
New money
Total
1939 quarterly average
1943 quarterly average
-.
1946 quarterly average - 1947 quarterly average
1948 quarterly average 2
1949 quarterly average
1947: Third quarter
Fourth quarter
1948: First quarter
Second quarter
Third quarter
Fourth quarter
L6
„„- - -
.--
.
„ _
1949: First quarter
Second quarter—
Third quarter 2 . _
Fourth quarter
1
- .
--.
__ _
_ _~
«.
„
_.„«
-
Working
capital
Retirement
of debt and
stock »
529
287
1,689
1,617
1,748
1,520
81
77
820
1,148
1,491
1,209
43
35
529
852
1,060
948
39
42
291
296
431
261
448
210
869
469
257
311
1,374
2,311
884
2,000
692
1,654
192
347
490
310
1,769
1,817
1,352
2,054
1,511
1,493
1,087
1,874
918
1,091
774
1,459
593
402
314
415
260
325
265
180
1, 195
2, 475
1,006
1,403
954
2,088
834
960
762
1, 679
677
675
193
409
157
285
241
386
172
444
Includes small amount for other purposes.
* Preliminary estimate.
NOTE.—Detail will not necessarily add to totals because of rounding.
Minor revisions made in 1949 data after chart was prepared,
Source; Securities and Exchange Commission.
Plant and
equipment
INVENTORIES AND SALES
Manufacturers' sales rose moderately in January after allowance for seasonal variation, and total retail
sales similarly adjusted were higher than in any. month of last year.
BILL ONS OF DOLLARS
BILLIONS OF DOLLARS
WHOLESALE
RETAIL
20
20
SE
INVEI^ TC)RIES
Y
INVE SIT OR1ES
v
1 0
•"*
r—r-w^H*5^
— -MM11H
,11 i,T.ir- X*""
x
""^X
s/
L
:s/
s/ L :s'
sp**!!**
i i t i i t i i i
0
\
•\
.-'
' S
1 0
i 11 11111 i11
II 1 , 1 In , l.
1 111 1 I 1 1 1 11
I|
1947
1948
1949
I960
40 42 44 46 48
BILL IONS OF DOLLARS
0
i i i i i i i i i
40 42 44 46 48
1 1 1 1 1
M i t t
1 I 11I
1947
t 1 1 I 1
II 1 1 1 1 ! 1 I I 1
1948
1949
I1
1950
PERCENT OF 1935-1939 AVERAGE
DEPARTMENT STORES
MANUFACTURERS
40
400
SEASONALLY
ADJUSTED
MONTHLY AVERAGE
INVE NT ORIES
V
**"*•••••
30
/
/
/r*
xx>*
20
/j<^L
y/
300
IS
x
_
_*»-*-
V
^
^-cvvfl
'•w
'""'-'.
,*•
//INVE IS TC)RIES
200
^-^^S
^~~^
,L ES
—A^ '
JT
I0
I 00
/
|
1 1 1
0
| 1 1 1 1
i l i M 1 I 1 i i i i 1 1 II 1 I 1 1 1 1
40 42 44 46 48
1947
M Mi 1 i i i i l i i
1948
1949
0
I960
1
1
1 t
1 1 1
1 1
1 M 1 t 1 1 1 1 t 1
40 42 44. 46 48
1 1 I1 1 11 Il 1 1
1947
1948
SOURCE: DEPARTMENT OF COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Wholesale
Sales 2
Inventories 1
Period
Retail
Inventories l
Sales 2
.
_
__
945
_._,.
_ -_
946
947
948 5
949
948: December
949 * January
February
March
April -„
May
_
June _
July .
August _ _
September
October.. 5
November
December 5
950: January 5
_
_
_ _
_
__
_
3, 175
3,684
4,638
6, 665
8,653
9,511
9,031
9,511
9,464
9,479
9, 293
9,330
9, 153
9,002
9,091
9,061
9, 186
9, 137
9, 113
9,031
8, 945
2,505
4,273
4,983
6,601
7,754
8, 355
7,508
8,158
7,723
7,680
7,890
7,422
7,539
' 7,718
7, 158
7, 522
7,518
7, 120
7,515
7,289
7,247
5, 532
7,361
7,543
11,226
13,221
14, 969
13,698
14, 969
14, 659
14, 479
14, 700
14, 458
14, 139
14, 182
13, 862
13, 932
14, 355
14, 475
14, 336
13, 698
13, 840
3,504
5, 277
6, 315
8,358
9,909
10, 837
10, 682
10, 987
10, 611
10, 706
10, 724
10, 814
10, 759
10, 684
10, 549
10, 669
10, 856
10, 678
10, 630
10, 503
1-0, 870
1949
1950
COUNCIL Of ECONOMIC ADVISERS
Manufacturers
Inventories
1
Sales 2
Department stores
Inventories 3
Sales 3
1935-39=100, seasonally
adjusted
Millions of dollars, seasonally adjusted 4
939
943
1 1 I 1 1 1 1 1 1 1 1- 1 1
11,465
20, 098
18, 390
24, 818
29, 818
34, 066
30, 800
34, 066
34, 409
34, 408
34, 223
34, 018
33, 565
33, 250
32, 367
31, 638
31, 060
30, 754
30, 494
30, 800
30, 800
5, 100
12, 822
12, 883
12, 841
17, 076
18, 998
17, 819
19, 065
17, 880
18, 175
18, 451
17, 643
17, 741
17, 990
17, 114
18, 945
18, 866
16, 805
17, 300
16, 875
17, 500
102
155
166
213
255
291
270
288
279
276
283
280
273
265
256
253
264
270
273
271
272
106
168
f??l '207
I °"£ 264
?&' 286
302
285
303
295
281
277
294
292
285
280
283
289
276
276
293
284
1
2
3
4
5
Book value, end of period.
Monthly average for year and total for month,
Indexes computed from data on retail value of sales for month and retail book value of inventories, end of period.
All dollar figures, except for retail sales, have been revised and do not agree with data publishedjpriar to October 1949.
Preliminary estimates. .
Sources: Department of Commerce and Board of Governors of the Federal Reserve System.
17
MERCHANDISE EXPORTS AND IMPORTS
Exports in January resumed their downward trend, falling 21 percent to the lowest monthly figure in
over three years. Imports increased moderately for the 6th successive month, again exceeding 1948
and 1949 monthly averages. As a result, the merchandise export surplus fell to the lowest level
since October 1945.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
1,600
1,200
1,200
800
1936-38
1946
1947
1948
1949
1949
** RECORDED GENERAL M E R C H A N D I S E IMPORTS
SOURCES DEPARTMENT OF COMMERCE, DEPARTMENT OF THE ARMY, AND DEPARTMENT OF THE NAVY.
[Millions of dollars]
Exports
Period
l
Excess of
exports
994
207
282
410
478
594
552
40
798
439
801
457
442
1948: December . ...
1,285
720
565
1949* Januarv
February
March
April
Mav June «
July
August .
September
October
November
December
1,094
1,032
1, 159
1, 148
1,077
1, 104
897
881
904
849
836
943
590
568
632
534
539
527
456
491
530
559
593
605
504
464
527
614
538
578
441
390
374
290
243
338
744
623
121
1936-38 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average
247
Imports *
.
- - -
C*J
1950: January
1
1
_
-
1,080
849
1,278
1,051
--
Recorded merchandise exports, including reexports, and civilian supplies for occupied areas.
Recorded general merchandise imports.
Sources: Department of Commerce, Department of the Army, and Department of the Navy.
L8
PURCHASING POWER
NATIONAL INCOME
National income in 4th quarter was almost equal to that in 3rd quarter but 6 percent below 4th quarter
of 1948.
BILLIONS
250
OF DOLLARS
BILLIONS OF DOLLARS
250
: : ;
: : :CORPORATE PROFITS AND
:•:•:• INVENTORY VALUATION
:•••'••:'•:•':•:•:• ADJUSTMENT
COM PEN SAT 10 N OFssus
^HHiiiHiiiiiiiiHiiiiHHiiiH:::::::::::PMPI A Y F F <;•::••••••::•:•::
1950
SOURCE: DEPARTMENT OF COMMERCE (except OS noted).
[Billions of dollars]
Total
national
income
Period
1939
1944
1946
1947
1948
1949
72.5
183.8
179.6
201.7
226.2
i 221. 3
„
Corporate profits and inventory
valuation adjustment
Compensation of
employees
Proprietors'
(business,
professional,
farm)
^d rental
income
Net interest
47.8
121.2
117.0
127.6
140.3
141. 1
14.7
35.5
41.3
45. 1
49.5
44. 8
4.2
3.1
3.0
3.4
3.8
4. 2
Total
5.8
24.0
18.3
25.6
32.6
131. 2
Profits
before
taxes
Inventory
valuation
adjustment
6.5
24.3
23.6
31. 6
34.8
128.6
-0.7
-.3
-5.3
-6.0
-2.2
+ 2. 6
Annual rates, seasonally adjusted
1948: First quarter. _
Second quarter
Third quarter
Fourth quarter
1949: First quarter
Second quarter. _
Third quarter
Fourth quarter1
_„
_.
215. 1
224.9
230.4
234.3
224. 7
220. 8
220.7
1
219. 1
135. 1
137.7
143.3
144. 9
48.0
50.4
49.9
49.7
3.6
3.7
3.9
4.1
28.5
33.0
33.3
35.7
33.0
35.0
36.6
34.5
-4.5
-2.0
-3.3
+ 1.2
141.
140.
141.
140.
47. 1
45. 1
43. 1
43.7
4. 1
4. 2
4. 2
4. 3
31. 6
30. 7
32. 3
130. 2
29.4
26. 4
28. 9
129. 5
+ 2. 2
+ 4.3
+ 3. 3
+.7
9
8
1
9
Estimates by Council of Economic Advisers; based on incomplete data.
NOTE,—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except asjioted).
19
CORPORATE PROFITS
Corporate profits in 2nd half of 1949 were higher than in 1st half, reflecting the improvement in
business activity.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ANNUAL RATES, SEASONALLY ADJUSTED
UNDISTRIBUTED
PROF ITS gsaa&W^*^
!
18
~
-3 H. js" *^"
1950
SOURCE: DEPARTMENT OF COMMERCE (EXCEPT AS NOTED)
[Billions of dollars]
Corporate profits after taxes
Corporate
profits
before taxes
Period
1929
1939
__
1944
1946
1947
1948
1949 i
.
„
. . ._
. ..
9.8
6.5
24. 3
23.6
•31.6
34.8
28.6
Corporate
tax
liability
w
*
1.4
1.5
13.5
9.6
12.5
13. 6
11.3
Total
8.4
5.0
10.8
13.9
19. 1
21.2
17.2
Dividend
payments
.
5.8
3.8
4:7
5.8
7.0
7.9
8.4
Undistributed
profits
2.6
1.2
6. 1
8. 1
12. 1
13.2
8.8
Annual rates, seasonally adjusted
1948: First quarter
Third quarter
Fourth quarter
33.0
35.0
36.6
34. 5
12.8
13.7
14.4
13.6
20.2
21.3
22.2
20.9
17.9
29.4
11.5
1949: First quarter
10.6
15.8
26.4
Second quarter
11.4
17.5
28.9
Third quarter
17.7
11.8
29. 5
Fourth quarter * -1
Estimates by Council of Economic Advisers; based on incomplete data.
NOTE.—No allowance has been made for inventory valuation adjustment.
taxes and inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as]noted).
7. 6
7.7
7.9
8.3
12.6
13.6
14.3
12. 6
8.3
8.2
8. 1
8.9
9.6
7.6
9.4
8.8
See p. 20 for profits before
PERSONAL INCOME
Personal income was about $6!/2 billion (annual rate, seasonally adjusted) higher in January. The increases in
transfer payments for veterans' insurance dividends and in farm proprietors' income were partially off-set by
a drop in corporate dividend payments from their unusually high level in December.
BILLIONS OF DOLLARS
BILLIONS OF D O L L A R S
250
ANNUAL RATES, SEASONALLY
ANNUAL TOTALS
250
ADJUSTED
TOTAL
,;.;£ROPRlETpRS AND RENT A
150
1939
1944
1947
1948
1949
J
A
S 0
J F M A M J J A S O N D | J F M A ' M J J A S O N D
1948
I
1949
N D
1947
SOURCE:
DEPARTMENT OF COMMERCE
J
F
M A
M
J
1950
COUNCIL OF ECONOMIC A D V I S E R S
[Billions of dollars]
Total
personal
income
Period
1939
1944 _
1947 _
_
1948
1949 >._ _ _ _
72. 6
165. 9
193. 5
21 1. 9
209. 9
_
Proprietors'
(business,
Dividends
Salaries, wages, professional,
and other
and personal
farm)
labor income
interest
and rental
income
45.7
116.2
122.0
135. 1
135. 6
14. 7
35. 5
45. 1
49. 5
44. 8
9. 2
10. 6
14. 8
16.2
17.2
Transfer
payments
3. 0
3.6
11.7
11. 1
12.3
Annual rates, seasonally adjusted
1948: December
1949: January.
.February
March
April
Mav
June...
Julv___
August
September
October
November
December
1950: January J -
.
_
_
217.0
214. 6
211. 3
210. 2
210. 5
210. 2
209. 4
207. 2
209. 1
208. 3
207.0
209. 4
211.9
218. 4
139. 1
137. 9
136. 1
134. 4
136.0
135. 8
135. 0
135. 1
135. 5
135. 8
134. 8
134.7
136.6
136,3
50. 3
48.5
46. 6
46.2
45. 0
45. 2
45. 1
42. 8
43. 9
42.7
42.9
44.9
43.5
46. 2
16. 9
17. 0
17.0
17.0
17. 1
17. 0
17. 0
16. 9
17. 1
17.2
17.3
17/4
18.9
17. 4
10. 7
11. 2
11. 6
12. 6
12.4
12. 2
12. 3
12. 4
12. 6
12. 6
12. 0
12. 4
12.8
2
18. 5
1
Preliminary estimate.
Includes $5.4 billion, annual rate (or $450 million, monthly total) for veterans' insurance dividends.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
2
21
CONSUMER INCOME, SPENDING, AND SAVING
Consumer expenditures in 4th quarter of 1949 were about $180 billion (annual rate), a drop of only
$1 billion from 4th quarter of 1948, according to revised data. During the same period, personal
disposable income dropped $5.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
250
250
ANNUAL RATES, SEASONALLY ADJUSTED
200
I
DISPOSABLE
PERSONAL INCOME
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Disposable
personal
income J
Period
1939
1940
1941
1942
1943
1944
1945
1946
1947.
._
_.
19481949
_-
_
.
i
.___
_
__- .
_
_
•
:
70. 2
75. 7
92.0
116. 2
131. 6
147.0
151. 1
158. 1
172.0
190.8
191. 2
Less: Personal
consumption
expenditures
Equals: Personal saving
67.5
72. 1
82.3
90.8
101. 6
111.6
123. 1
147.8
166. 9
178. 8
179.4
2.7
3.7
9.8
25. 4
30.0
35.4
28.0
10.3
5. 1
12.0
11.8
Annual rates, seasonally adjusted
1948: First quarter
Second quarter
Third quarter
Fourth, quarter „
1949: First quarter
Second quarter —
Third quarter
Fourth quarter __
1
-
_ ..
- - - - -
-„
-_
181. 9
189.6
195.2
196.2
193.4
191.4
189. 5
190. 7
Income less taxes.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
175.2
178.7
180. 3
180.9
178. 7
179.3
179. 7
179. 8
6.7
10.8
15.0
15.3
14.8
12. 1
9. 8
10. 8
50
PER CAPITA INCOME
Per capita disposable income in 4th quarter of 1949 was about the same as in the 3rd quarter but about 4
percent below 4th quarter of 1948. With a small drop in prices, there was slight improvement from 3rd to 4th quarter
in terms of real purchasing power.
DOLLARS
1,600
ANNUAL RATES,SEASONALLY ADJUSTED
1,200
I
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
34
I
234
I
I
I
234
1
l949
I95
2
°
SOURCE: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
Per capita disposable
personal
income l
Current
1948 dollars 3
dollars
Period
1939
1940_.
1941
1942
1943
_
1944
1945
1946
1947_._
1948
1949
>
_
_
.
-. .
_ _
_
.._
.
__ .
$536
574
691
867
970
1,065
1,082
1, 119
1, 194
1,302
1, 281
$923
981
1, 125
1,262
1,314
1,405
1,389
1,342
1,282
1,302
1,297
Annual rates, seasonally
adjusted
1948: First quarter
Second quarter
Third quarter
_ _ _
Fourth quarter. _
1949: First quarter
Second quarter
Third quarter
Fourth quarter
£-
__
« _
_
1,248
1, 296
1,328
1,328
1,304
1,285
1,267
1,269
1,273
1,301
1,305
1,319
1,315
1,298
1,284
1,292
Consumers'
price index1
1948 = 100
58. 1
58.5
61.4
68.7
73.8
75.8
77.9
83.4
93. 1
100.0
98.8
Not adjusted
for seasonal
variation
98. 0
99. 6
101.8
100. 7
99. 2
99. 0
98. 7
98. 2
1
3
2
Income less taxes.
Current dollars divided by the consumers' price index on the base 1948=100.
The consumers' price index has been roughly adjusted to take account of the understatement from
December 1941-February 1947. This adjustment is in line with the report of the Mitchell Committee. The
unadjusted index will be found on page 2.
Sources: Department of Commerce and Department of Labor.
23
AVERAGE HOURLY EAEiNIN GS
- SELECTED INDUSTRIES
Gross hourly earnings in manufacturing industries we re slight y above the high December level. Increases
occurred in both durable and nondurable groups*
DOLLA RS PER HOUR
DOLL/iRS PER HOUR
1.60
1.50
DURABLE MANUFACTURING
NONDURABLE
/"
1.50
MANUFACTURING
1,40
1948
,-/
1.40
1.30
/
v —N
//
*s\f
1948
1,30
"'' ^
J
"
1.20
CURF ENT DOLLARS
--Sf^
S^
J I_l | | ( | | L j |
1947
2.1 0
^
^^]
CURRENT
DOLLARS
UO
1.20
0
tzzz£&^
DOLLARS*
f
1 i i i i 1 i i LJ—1
1948
1 1 l"l 1 i 1 1 J 1A
1949
I I 1 LJ 1 1 1 1 1 1
0
1 1 11 1 11 1 ! I 1
1950
| | | | | 1 I| Jj |
1947
1 1 1 1 1 1 1 1 1 1 1
1948
J 11 1 1 I 11 I | |
1950
1949
1.30
RETAIL TRADE
BUILDING CONSTRUCTION
/
2.00
1.20
/i^irx
1948 DOLLARS*
I.9O
1.00
1948 DOLLARS*/]/
/
1.80
*#
S
rT^-^^^^^V
. \
— ~sf^
sS X\v-^-^
^c^
CURRENT DOLLAR s
S**^
1. 00
/****+ CURRENT DOLLARS
^
.90
1.70
0
! I 1 | 1 1 LI _L1 I
1947
i i i i i 1 1 I 1i L
1948
I I 1l I 1 I i 1 1 1
l i I 1 1 1 1 l I I1
1949
1950
0
-^
,
i 1 1 I 1 1 1i 1 11
,
1J 1 1 I ! I i I i I
1947
i ii ii1i iMi
SOURCE: DEPARTMENT OF LABOR
1 I 1l I 1l 1 I I I
I960
1949
1948
COUNCIL OF ECONOMIC ADVISERS
[Selected industries l]
All manufacturing
Period
Current
dollars
L939 monthly average
1943 monthly average
1946 monthly average
1947 monthly average
1948 monthly average
1949 monthly average 4
1948: December
1949: January _ .
February
March
_„
April
xvj.ajr
..
Mav
June
July
August
September
October
November 44
December .
1950: January 4 _ _ _
_ „
1
2
3
4
- ...
_„
$0. 633
.961
1.084
1.237
1.350
1. 402
1.400
1.405
1.401
1.400
1.401
1.401
1.405
1. 408
1.399
1.407
1.392
1.393
1,410
1,418
1948
dollars 2
$1. 090
1.302
1.300
1. 329
1.350
1. 419
1.399
1.408
1.419
1.414
1.414
1.418
1.418
1.431
1.419
1.420
1.415
1. 414
1. 442
1.454
Durable goods manufacturing
Current
dollars
C)
(3)
(3)
$1. 292
1.410
1.469
1.466
1.467
1.466
1.464
1.467
1.467
1.475
1.477
1.473
1.482
1.458
1. 459
1. 478
1.484
1948
dollars 2
(33)
()
(3)
$1. 388
1. 410
1. 488
1.465
1.470
1. 485
1.480
1.480
1.485
1.488
1.501
1.494
1.495
1.482
1. 481
1. 511
1. 522
Nondurable goods
manufacturing
Current
dollars
(3)
(33)
()
$1. 171
1.278
1. 325
1. 319
1.327
1. 323
1. 323
1. 321
1.323
1.324
1.332
1. 319
1. 328
1. 325
1. 325
1. 335
1. 343
1948
dollars 2
(33)
()
(3)
$1. 258
1.278
1.342
1.318
1.330
1.340
1.336
1.333
1.339
1.336
1.354
1. 338
1.340
1.347
1. 345
1. 365
1. 377
Production and related workers.
Current dollars divided by consumers' price index on base 1948=100. See note 3 to table on page 23.
Not available.
Preliminary estimates.
Source: Department of Labor.
Building construction
Current
dollars
(3)
(33)
()
(3)
$1. 848
1. 935
1. 915
1. 918
1. 930
1.933
1. 934
1. 930
1. 924
1.922
1.932
1.938
1. 944
1.947
1. 973
(3)
1948
dollars 2
(33)
()
(3)
(3)
$1. 848
1.960
1.913
1.922
1.955
1. 953
1. 952
1. 953
1.941
1.953
1.959
1.956
1.976
1.977
2.017
(3)
Retail trade
Current
dollars
(3)
(33)
()
$1. 009
1.088
1. 136
1.098
1. 132
1. 123
1. 121
1. 127
1. 141
1. 147
1. 148
1. 146
1. 150
1. 140
L 139
1. 123
(3)
1948
dollars
2
(3)
(33)
()
$1. 084
1.088
1. 151
1.097
1. 134
1. 138
1. 132
1. 137
1. 155
1. 157
1. 169
1. 162
1. 160
1. 159
1. 156
1. 148
(3)
AVERAGE WEEKLY EAFiNIN[GS
- SELECTED INDUSTRIES
Averoge weekly earnings in manufacturing rose furt her in Jcjnuary, with durable goods again showing
the greatest rise.
DOLL ARS
60
DOLL ARS PER WEEK
65
1948 DOLLARS
/%
X
*
t+^
-J^
"" X
/
55
^^^T
1948 DOLLARS*
_ ~s&
^\ jf^S
50
55
/^^ CURRENT
DOLLARS
50
45
45
40
0
WEEK
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
60
PER
1 !I 1 1 1 i ! 1 1 1
1 LJ.U i i 1 i U
1947
1948
11111111111 11111111111
1949
.--^NX^^^ CURRENT DOLLARS
i i i l i l i i i i i JL 1 1 U J i 1 I I i 1 1 M 1 1 1 1 1 1 1
1947
1948
1949
0
1950
i 1 1 1 1 1 1 i 1 1 L
I95O
50
80
RETAIL TRADE
BUILDING CONSTRUCTION
^"N*
:
^ 1948 DOLLARS*
*^r**^Z.
45
75
-^^^"^
^!\VB/SVfc
70
1948
DOLLARS*
>i
40
/""**" ^
—""^^CURRENT DOLLARS
1
35
65
^CURRENT C OLLARS
60
0
30
i ii i l 1 i i i l I
1
| i t i i 1 i i i | |l i 1 i 1 1 I l i i i
1947
ft CURRENT
SOURCE :
J948
—•
i i i i i 1 i i l l i
1949
1
0
i i l l i 1 l l l i i
1947
1950
i i l i t 1 i 1 i l i 1 1 I 1 1 j LJ 1 1 1
1948
1949
1 1 1 1 1 1 1 1 1 lT~
1950
DOLLARS DIVIDED BY CONSUMERS PRICE INDEX ON BASE OF 1948 '100
DEPARTMENT
COUNCIL
OF LABOR
OF
ECONOMIC ADVISORS
[Selected industries l ]
All manufacturing
Durable goods manufacturing
Nondurable goods
manufacturing
Building construction
Retail trade
Period
Current
dollars
1948
dollars 2
Current
dollars
1948
dollars 2
Current
dollars
1948
dollars 2
Current
dollars
$23. 86
$41. 07
1939 monthly average
(3)
(33)
(33)
(3)
(33)
43. 14
1 943 monthly average
58.46
(33)
(3)
(3)
(33)
(3)
43.74
52. 45
1 946 monthly average ()
()
()
()
(3)
49. 97
1947 monthly average
53.67
$52. 46
$56. 35
$46. 96
$50. 44
()
54. 14
54. 14
1948 monthly average 4 _ _
57. 11
57. 11
50.61
50.61
$68. 85
54. 94
55. 62
1949 monthly average
58.75
58. 03
52. 10
70.94
51.46
56. 14
1948: December
56.08
59. 67
59.61
51.84
72.33
51.79
55. 50
55.61
1949: January
58. 83
58.95
70. 88 "
51.35
51.45
55. 20
February
. _
55. 93
58. 49
59. 26
51.33
70.53
52.01
March
54. 74
55.29
57.83
58.41
51.07
51.59
69. 83
53. 80
54. 29
April
57.21
57.73
50. 12
70.33
49.67
54. 74
54.08
May
57.21
57.90
50.41
51. 02
71.81
54. 51
57.82
55.00
58.35
50.97
June
71.44
51.43
54.63
55. 52
July
58.24
57.31
52.39
51.55
71. 28
55.48
54. 70
August
57. 89
58.71
52.04
51. 31
71.95
55.72
September
56.23
58.69
59.22
53.07
52.59
70.69
56. 16
55. 26
October 4
59. 12
58. 17
52.47
53.32
71. 80
54.74
55.57
57.34
November 4
58.21
70.21
52.07
52.86
December
56.40
57.67
59. 56
60. 90
52. 73
53. 92
70. 50
1950: Jannarv 4
56.44
57. 89
59. 81
61. 34
52. 78
54. 13
(3)
1
For production and related workers.
2
Current dollars divided by consumers' price index on the base 1948=100. See note 3 to table on page 23.
1
Not available.
4
Preliminary estimates,
Source: Department of Labor,
1948
dollars 2
(33)
(3)
(3)
()
$68. 85
71. 82
72.26
71.02
71. 46
70. 54
70.97
72.68
72.09
72.44
72.97
71.33
72. 97
71.28
72.09
(3)
Current
dollars
(33)
()
(3)
$40. 66
43.85
45.93
44.36
45. 51
45. 14
44. 95
45.31
45.98
46.45
46.95
46.87
46.58
46.06
45.67
45.71
(3)
1948
dollars 2
(33)
()
(3)
$43. 67
43.85
46.51
44.32
45.60
45.73
45.40
45.72
46.54
46. 87
47.81
47.54
47.00
46.81
46.37
46.74
(3)
25
FARM INCOME
Farmers' cash receipts in January were moderately smaller than in December, decreased marketings
more than offsetting the increase in prices received. The January income was about 5 percent
below January 1949.
BILLIONS OF DOLLARS
4
1939
40
BILLIONS OF DOLLARS
4
41
*INCLUDES CASH FARM INCOME FROM MARKETING AND GOVERNMENT PAYMENTS.
**FARM INCOME IN CURRENT DOLLARS DIVIDED BY PRICES PAID BY FARMERS, INTEREST, TAXES, *
/AGE RATES, 1948 = 100.
SOURCE: DEPARTMENT OF AGRICULTURE.
Period
paid by
Farm income Prices
farmers (incl. Farm income
(millions of
(millions of
interest, taxes,
current
1948 dollars) 3
and wage rates)
2
dollars) l
1948=100
47
724
1939 monthly average
51
981
1941 monthly average
59
1,340
1942 monthly average
70
1,765
1944 monthly average
73
1,857
1945 monthly average
80
2, 110
1946 monthly average
93
2,542
1947 monthly average
100
2,609
1948 monthly average 4
97
2,309
1949 monthly average
99
2,
740
1948: December .
_
99
2,383
1949: January
97
1,783
February
_
98
1,973
March
_-'
—
98
1,850
April
98
1,944
May! _ _ „
,
97
2, 053
June .
„
97
2, 177
July
_
96
2,417
August
-96
2,608
September
95
3, 139
October
95
3,050
November 4
- _,
95
2,326
December
_
96
2,251
1950: January 4
_
__
__
_
1
Includes cash farm income from marketings and Government payments.
*3 Converted from the reported base, 1910-14=100, to the base 1948=100.
Farm income in current dollars divided by prices paid by farmers, interest, taxess and wage
I 1948=100.
^Preliminary estimates.
Source: Department of Agriculture,
1,540
1,924
2, 271
2,521
2, 544
2,638
2,733
2,609
2,380
2,768
2,407
1,838
2,013
1,888
1,984
2, 116
2,244
2, 518
2,717
3,304
3,211
2,448
2,345
rates,
PERSONAL CONSUMPTION EXPENDITURES
According to revised estimates, purchases of durable goods dropped slightly in 4th quarter of 1949 and
purchases of nondurable goods showed little change after declining for 3 quarters. Expenditures for
services reached a new high in 4th quarter.
BILLIONS OF DOLLARS
2OO
BILLIONS OF DOLLARS
200
I 50
100
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Personal consumption expenditures
Period
Nondurable
goods
Total
67.5
111. 6
147. 8
166. 9
178. 8
179.4
19391944
1946
1947_
1948
1949-
35.3
67. 1
86.8
96.2
102. 2
98. 9
Durable
goods
6.7
7. 1
16.5
22.0
23. 5
24.4
Services
25.5
37.4
44. 5
48.8
53. 1
56. 1
Annual rates, seasonally adjusted
1948: First quarter
Second quarter
Third quarter _
Fourth quarter
_
1949: First quarter _ _ _
Second quarter
Third quarter
_
Fourth quarter
_ -.
_
_
_
_ _ _ _ _
_ _ _ _
_ _
_ _
175. 2
178. 7
180. 3
180. 9
101.2
102. 4
101. 8
103. 3
22. 7
23.8
24.8
22.9
51.3
52. 5
53.7
54.8
178.7
179. 3
179. 7
179. 8
100. 4
99. 8
97. 6
97. 7
23. 0
23. 6
25. 7
25.2
55. 3
55. 9
56. 5
56. 9
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Qommerce.
27
CONSUMER CREDIT
With a seasonal drop in charge accounts, total consumer credit fell about $400 million in January.
Automobile sale credit continued strong.
3ILLIONS
OF DOLLARS
BILLIONS OF DOLLARS
25
25
1943
1948
END OF YEAR
1948
1949
END OF MONTH
SOURCE:
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
End of period
Total
consumer
credit
outstanding
1939
1943
._
1946
1947_
1948
1949
1948: December
.
1949: January
February
March
April
May
June
July..
August
September
October
_
_
November
December
1950- January 2
7,969
5,378
10, 191
13, 673
16,319
18, 777
16, 319
15, 748
15, 325
15, 335
15, 595
15, 843
16, 124
16, 198
16,453
16,801
17, 221
17,813
18, 777
18, 335
1
2
_ _ »
. -_
_ _
Instalment credit
Total
4,424
2,001
4, 000
6,434
8,600
10, 891
8,600
8,424
8,339
8,429
8, 630
8,888
9, 123
9,335
9,622
9,. 897
10, 164
10, 439
10, 891
10, 830
Automobile
sale
credit
1,267
175
544
1, 151
1,961
3, 144
1,961
1,965
1,996
2, 105
2,241
2,386
2,499
2, 610
2,761
2,876
2,986
3,085
3, 144
3,179
Other sale
credit and
loans
3, 157
1,826
3,456
5,283
6,639
7,747
6,639
6,459
6,343
6,324
6,389
6,502
6,624
6,725
6,861
7,021
7, 178
7, 354
7,747
7, 651
Includes single-payment loans of commercial banks and pawnbrokers and service credit,
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Eeserve System.
Charge
accounts
1,544
1,498
3,054
3,612
3,854
3,909
3,854
3,457
3, 169
3, 121
3,232
3,235
3,274
3, 123
3, 064
3, 123
3, 197
3,454
3,909
3,506
Other
consumer
credit *
2,001
1,879
3, 137
3,627
3, 865
3,977
3,865
3,867
3,817
3,785
3,733
3,720
3,727
3,740
3,767
3,781
3,860
3,920
3,977
3,999
MONEY, BANKING, AND FEDERAL FINANCE
BANK LOANS AND INVESTMENTS
Commercial bank loans declined $200 million during January, after a steady expansion since last summer.
Security holdings were up $1 billion, with most of the increase being those of the U.S. Government.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
150
150
125
125
100
1939
1943
1948
1949
J F M A M J J A S O N O J F M A M J J A S O N D J F M A M J J A S O N D
END OF YEAR
1948
END
1949
OF M O N T H
1950
SOURCE : BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL l
[Billions of dollars, all commercial banks]
End of period
1929
1939
1945
1947
1948
1949
1948: December .
1949: January
February _
March
April ..
May
June
July
August
September
October
November
December
1950: January J _ _
_
.
.
- . ..
_.
__
_
_
_
•
_ ._
Investments
Total
loans and
investments
Bank loans
49. 5
40. 7
124.0
116.3
114.3
120.8
114. 3
114.5
113. 4
112.5
112. 5
113.4
113. 8
114. 8
117. 9
118. 8
119. 8
120. 2
120.8
121. 6
36.0
17.2
26. 1
38. 1
42.5
43. 3
42,5
42.4
42. 0
42.4
41.3
40.9
41.0
40. 5
41.2
41. 8
41. 9
42. 9
43.3
43. 1
Total
13.5
23.4
97.9
78.2
71.8
77.5
71.8
72.0
71.4
70. 1
71.2
72.6
72.7
74.3
76.7
77.0
77.9
77.3
77.5
78. 5
U.S.
Government
securities
4.8
16.3
90.6
69.2
62.6
67.3
62.6
63.0
62.2
60.9
62.0
63.2
63.2
64.4
66.7
66. 8
67. 7
67. 1
67.3
68.2
Other
securities
8.7
7.1
7.3
9.0
9.2
10.2
9.2
9. 1
9. 1
9.2
9.2
9.3
9.5
9.8
10.0
10.2
10.2
10. 2
10.2
10.4
1
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
29
MONEY SUPPLY
A seasonal decline in currency outside of banks during January was nearly offset by a rise in
deposits, leaving total money supply at about the December level.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SOURCE- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
Total money
supply
End of period
1939
1943
1946
1947
1948
1949
1948: December •_
1949: January
_.
February
March
_„
. ._
_.
.-
~ _
May
JuneJuly
August
September
October
November
December
1950: January 3
_.
_
-
..
„_
__
_
63.3
112.4
164.0
170.0
169.1
170. 1
169. 1
168. 2
160. 3
164.2
165.5
165. 6
165. 6
166. 3
166.9
166. 6
168. 0
168. 6
170. 1
170. 0
Currency
outside
banks
6.4
18.8
26. 7
26.5
26. 1
25. 0
26. 1
25.2
25. 1
25. 1
24.9
25. 0
25. 3
24.9
25. 1
24. 9
24. 9
25. 1
25. 0
24. 5
Adjusted
demand
deposits *
29.8
60.8
83.3
87. 1
85.5
86. 7
85.5
85. 4
83.4
81. 1
82.4
82. 5
81.9
83. 1
83.4
83. 3
84. 6
85. 5
86. 7
86. 8
Time
deposits *
27. 1
32. 7
54. 0
56. 4
57. 5
58.4
57. 5
57. 6
57. 8
58. 0
58. 1
58. 2
58. 5
58.4
58.4
58. 4
58. 4
58. 0
58.4
58. 7
1
Includes demand deposits, other than interbank and U. S. Government, less cash items in process of collection.
3
Includes deposits in commercial banks, mutual savings banks, and Postal Savings System.
3
Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors of the Federal Reserve System.
FEDERAL CASH RECEIPTS FROM
AND PAYMENTS TO THE PUBLIC
The cash deficit of about $1.5 billion for the 4th quarter compares with a deficit of about
$0.9 billion for the same quarter of 1948.
BILLIONS OF DOLLARS
16
BILLIONS OF DOLLARS
I6
CASH PAYMENTS
2
1946
12
2 , 947 3
3
2
1948
2
3
1949 3
EXCESS OF CASH RECEIPTS
ym EXCESS OF CASH PAYMENTS
-4
I
e
|946
3
4
1
2
|94?
3
4
I
CALENDAR
1948
1949
YEARS
* PRELIMINARY ESTIMATES
SOURCE: B U R E A U OF THE BUDGET AND TREASURY DEPARTMENT.
C O U N C I L OF ECONOMIC A D V I S E R S
[Millions of dollars]
Federal cash
receipts from
the public 1
Calendar years
Federal cash
payments to
the public l
Calendar year total:
41, 426
1946
."
1947
. >_.
.
_, ,
_
44, 279
44, 920
1948- 2
41, 346
1949
. . . . . . .
Quarterly total, not adjusted for seasonal:
1947: First quarter
14, 345
Second quarter
9 847
Third quarter
10, 220
Fourth quarter
9, 869
1948: First quarter
15, 037
Second quarter
10, 238
Third quarter
10, 085
Fourth quarter
9, 560
1949: First quarter
.
13, 122
Second quarter _
8, 814
2
Third quarter .
10, 143
2
Fourth quarter _ _
9,267
1
Payments of refunds of Government receipts are now reported as deductions
viously,
they were reported as expenditures.
2
Preliminary estimates based on incomplete data.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Treasury Department and Bureau of the Budget.
Excess of receipts (+) or
payments (— )
41, 372
38, 584
36, 954
42, 636
+ 54
+ 5,695
+ 7,967
-1,290
+5, 182
9, 163
— 781
10, 628
— 37
10, 257
+ 1,331
8,536
+ 6,400
8, 637
+ 1, 205
9, 033
+ 1, 287
8, 798
-925
10, 486
9, 964
+ 3, 158
11, 389
—2, 575
— 384
10, 527
10, 756
-1,489
from total receipts; pre-
o
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